Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Dec 15, 2023

I wish to borrow $859,940 to buy a house. If the current interest rate on the loan is 6.16%p.a., for 30 years, then how much

I wish to borrow $859,940 to buy a house. If the current interest rate on the loan is 6.16%p.a., for 30 years, then how much would my fortnightly repayment be?

Step by Step Solution

★★★★★

3.51 Rating (158 Votes )

There are 3 Steps involved in it

Step: 1

lets calculate the fortnightly mortgage repayment Giv... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Modern Advanced Accounting in Canada

Authors: Hilton Murray, Herauf Darrell

8th edition

1259087557, 1057317623, 978-1259087554

More Books

Students also viewed these Finance questions

Question

★★★★★

KYC's stock price can go up by 15 percent every year, or down by 10 percent. Both outcomes are equally likely. The risk free rate is 5 percent, and the current stock price of KYC is 100. (a) Price a...

Answered: 1 week ago

Question

★★★★★

1.The most important interest rate to use when comparing loans: 2.The interest rate that is quoted by a lender: 3.The interest rate charged per period multiplied by the number of periods per year:...

Answered: 1 week ago

Question

★★★★★

Midwest Office Products* John Malone, general manager of Midwest Office Products (MOP), was concerned about the financial results for calendar year 2003. Despite a sales increase from the prior year,...

Answered: 1 week ago

Question

★★★★★

For Example, 10.3 with = 0, verify that the stresses from equation (10.5.18) reduce to those previously given in Eq. (8.4.69). Data from example 10.3 Equation 10.5.18 Equation 8.4.69 Consider next...

Answered: 1 week ago

Question

★★★★★

A blimp cruises at 75 mi/h through sea-level standard air. A differential pressure transducer connected between the nose and the side of the blimp registers 950 Pa. Estimate (a) the absolute pressure...

Answered: 1 week ago

Question

★★★★★

=+2. Optional: Enter the unadjusted trial balance on an end-of-period spreadsheet (work sheet) and complete the spreadsheet. Add the accounts listed in part (3) as needed.

Answered: 1 week ago

Question

★★★★★

2. Compare the strengths and weaknesses of laboratory studies of eyewitness identification with those of archival studies.

Answered: 1 week ago

Question

★★★★★

A project costs $1 million and has a base-case NPV of exactly zero (NPV = 0). What is the projects APV in the following cases? a. If the firm invests, it has to raise $500,000 by a stock issue. Issue...

Answered: 1 week ago

Question

★★★★★

What other alternative options Coca-Cola and Pepsi can have to make healthier options for the consumers? Most of these issues take place in the United States, however do their issues also apply to...

Answered: 1 week ago

Question

★★★★★

ose Dan loses 42 of all chess games What is the probability that Dan loses two chess games in a row What is the probability that Dan loses four chess games in a row When events are independent their...

Answered: 1 week ago

Question

★★★★★

5S is one of the most widely adopted techniques from the lean manufacturing toolbox. Based on the "house of lean", it's provide an overview of the tools and methods of lean management that can be...

Answered: 1 week ago

Question

★★★★★

As a manufacturing company, Company Kappa sells their sachets of powdered juices to retailers, supermarkets and distributors instead of direct customers. Having said this, they usually deliver...

Answered: 1 week ago

Question

★★★★★

What process improvements can HeroEnergy adopt to improve standardised data, financial reporting and employee engagement? A newly established government agency focusing on renewable energy has just...

Answered: 1 week ago

Question

★★★★★

The Temper-Tone Steel Company produces two major products, a stainless steel sheet called Flextin and stainless steel silverware. Both products go through the same initial production process where...

Answered: 1 week ago

Question

★★★★★

Vaughn Co. purchased 61,7% Ivanhoe Company bonds for $61000 cash. Interest is payable annually on January 1. If 28 of the securities are sold on January 1 for $32700, the entry would include a credit...

Answered: 1 week ago

Question

★★★★★

Camden Limited is company which specializes in the manufacture of large scale replacement parts for passenger airplanes. The company is considering investing R40million in equipment which will...

Answered: 1 week ago

Question

★★★★★

Hardin Services Co. experienced the following events in 2016: 1. Provided services on account. 2. Collected cash for accounts receivable. 3. Attempted to collect an account and, when unsuccessful,...

Answered: 1 week ago

Question

★★★★★

Hanna Corporation owns 80% of the outstanding voting stock of Fellow Inc. At the date of acquisition, Fellow's retained earnings were $2,100,000. On December 31, Year 2, Hanna Inc. sold equipment to...

Answered: 1 week ago

Question

★★★★★

The statement of financial position of Bagley Incorporated as at July 31, Year 4, is as follows: On August 1, Year 4, the directors of Bagley considered a takeover offer from Davis Inc., whereby the...

Answered: 1 week ago

Question

★★★★★

Prepare a schedule to convert net income and total shareholders' equity from the preliminary financial statements amounts to amounts under ASPE and IFRS. Where accounting choices exist, choose...

Answered: 1 week ago

Question

★★★★★

To have an effective rate of 10%, what must be the corresponding nominal interest rate with: a. Annual compounding? b. Semiannual compounding? c. Quarterly compounding? d. Monthly compounding?

Answered: 1 week ago

Question

★★★★★

Philippe contributed $4300 to an RRSP eight years and six months ago. The money was invested in a Canadian Equity mutual fund. The investment is now worth $10,440.32. Over the entire period, what...

Answered: 1 week ago

Question

★★★★★

When he died in 1790, Benjamin Franklin left $4600 to the city of Boston, with the stipulation that the money and its earnings could not be used for 100 years. The bequest grew to $332,000 by 1890....

Answered: 1 week ago

Previous Question Next Question